Uruguai: Cyber Fraud Hits Latin American Banks

By Dialogo
January 01, 2012

Banks in Brazil, Mexico and Argentina are the hardest hit in Latin America by
fraud in online commerce and theft of confidential data, a practice known as
phishing. The total bank losses in the region top $93 billion a year, found an
investigation conducted by Proyecto Amparo, a Montevideo-based group that aims to
strengthen regional capacity for prevention and response to cyber security incidents
in Latin America and the Caribbean.
The report explains that these threats are becoming more complex and more
sophisticated. The average cost of a cyber attack is $50,000 to a bank, or $50 to
$60 per affected account, the study added.
The scope of cyber crime in Latin America is worrisome, with very likely
scenarios of cyber attacks and distressing consequences for the population, the
report said.
Source: Agence France-Presse